By David Akinadewo-Adekahunsi
In a major push to reform Nigeria’s mining industry, the Minister of Solid Minerals Development, Dr Dele Alake, has assured Nigerians that the newly established Nigeria Solid Minerals Corporation will revolutionise the sector and ensure its long-term sustainability.
Speaking in Abuja on Monday while hosting the British Deputy High Commissioner to Nigeria, HE Jonny Baxter, Alake revealed that the corporation’s structure will follow the Nigeria Liquefied Natural Gas (NLNG) model.
The Ministry of Finance Incorporated (MOFI) will oversee its initial setup, ensuring efficiency and transparency.
“The Solid Minerals Corporation will be an enduring legacy. No future government will be able to exert any political interference.
The President has approved this, and we are looking at a 50% equity stake for the private sector, 25% for Nigerians, and 25% for the Federal Government,” the Minister stated.
As part of the government’s broader vision for 2025, Alake outlined key initiatives aimed at making Nigeria’s mining sector more globally competitive.
These include improving access to mining sites through enhanced intermodal transport systems incorporating roads, rail, and waterways strengthening regulatory frameworks, and rehabilitating abandoned mining pits for productive use.
He also highlighted efforts to expand exploration activities, generate comprehensive geological data, and bolster investor security.
The Minister welcomed the UK’s support for capacity building, technical assistance, and knowledge transfer within Nigeria’s mining value chain.
He encouraged British investors to seize opportunities in the sector, describing 2025 as a crucial year for the Tinubu administration’s reform agenda.
“We are encouraged by the support of our international partners for the difficult but necessary reforms undertaken by this administration. We are already seeing positive trends in the economy, and prosperity is within reach,” he remarked.
Echoing this sentiment, Ambassador Baxter praised the Nigerian government’s decision to model the new Solid Minerals Corporation after the NLNG, a move he described as strategic in attracting investment and strengthening regulatory frameworks.
He reaffirmed the UK’s commitment to enhancing bilateral cooperation in the mining sector, stressing that Nigeria’s economic growth is crucial for global stability.
The Deputy High Commissioner was accompanied by Tom Burge, Political Counsellor, and Wale Adebajo, Senior Political Adviser, underscoring the UK’s keen interest in Nigeria’s mining sector and broader economic reforms.
